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Tariffs by the United States on Chinese goods will only raise US consumer costs while straining the global economy, a renowned professor of finance said.

“At the end of the day, the US needs to work with China. There’s no doubt in my mind,” said Joseph Cherian, CEO, president, dean and distinguished professor of the Asia School of Business.

When the United States imposes tariffs, the impact largely depends on the availability of domestic substitutes, Cherian said in an exclusive interview with China Daily on the sidelines of the signing ceremony of a strategic cooperation agreement between the Asia School of Business and Tsinghua University’s PBC School of Finance.

“If the United States does not have many local substitutes, then it still needs to rely on foreign suppliers for those goods, and as a result, the increased costs from tariffs will be passed on to US consumers,” he said.

“So, these tariffs are just not a good idea,” he added. “They’ve hit the wallets of ordinary consumers. In my opinion, the US cannot afford not to work closely with China.”

He also pointed out that inflation has risen in the United States. “For instance, Walmart has fewer products on their shelves because it relies on sourcing from China.”

“The rest of the world and the United States will suffer if the world’s two largest economies don’t work together. There was a time when China and the United States were close trade partners, and during that period, the world’s economy flourished,” Cherian said.

US tariffs could also prompt other countries to deepen economic ties among themselves. The worst-case scenario is counter-tariffs on US goods by other countries.

“This is just a bad equilibrium. In economics, we say we’ve reached ‘a sub-optimal state’ of the economy, where everyone ends up worse off.”

Cherian also predicted a possible rise in bilateral cooperation among central banks to bypass the US dollar, hence reducing transaction costs. “With the rise of digital currencies, it’s now much easier to achieve,” he added.

While the US dollar will still be dominant in the global financial system, more investors are diversifying into renminbi, yen and euro assets.

Despite external challenges, Cherian expressed strong confidence in China’s economy. He said that the Chinese government has demonstrated remarkable capability in maintaining stability in such a massive economy.

“It’s much more complex to manage a vast economy, but the Chinese government has done a reasonably good job using fiscal and monetary policies to manage these problems,” he said.

According to the National Bureau of Statistics, China’s economy remained stable in the first half of the year, with GDP reaching 66.05 trillion yuan ($9.21 trillion), up 5.3 percent year-on-year. Exports by foreign-funded enterprises rose 5.4 percent to 3.49 trillion yuan.

To further smooth economic fluctuations, he said China should continue to open up, attracting more foreign investment and allowing more foreign participation in the economy.

Cherian said he was in favor of long-term foreign investment that is willing to stay and build productivity, rather than speculative “hot money” that flows in and out. He also urged China to upgrade its economy toward higher value-added industries.

He said several Asian nations, including Malaysia, are keen to collaborate with China in areas such as electric vehicles, artificial intelligence and robotics.

“Malaysia is one of China’s strongest and most enduring trade and business partners. This will certainly continue.”

Joseph Cherian, CEO, president, dean and distinguished professor of the Asia School of Business expressed during a recent interview that US tariffs on Chinese goods are unwise, and ultimately raise the cost of these goods for American consumers. “They are the two biggest economies in the world, and the rest of the world and the US suffer if they don’t work together,” he said, adding: “I think at the end of the day, the US needs to work with China. There’s no doubt in my mind.

Dr Pieter E Stek is a Senior Lecturer at the Asia School of Business 

Professor Joseph Cherian is CEO, President, Dean and Distinguished Professor at Asia School of Business 

In a significant step toward deepening regional collaboration in education and talent development, the Asia School of Business and the Tsinghua University PBC School of Finance (Tsinghua PBCSF) have signed a Memorandum of Understanding (MoU) establishing a framework for long-term cooperation between two leading academic institutions in Asia.

The MoU reaffirms both institutions’ belief that education is a powerful bridge between nations, one that cultivates leadership, expands mutual understanding, and anchors prosperity through the exchange of knowledge. It outlines efforts to collaborate in areas including postgraduate and executive education programmes, faculty and research exchanges, joint academic conferences, and cross-border research initiatives on topics of global and regional significance.

“This partnership reflects the values of scholarship and goodwill, where collaboration across borders must become a force for good,” said Distinguished Professor Joseph Cherian, the CEO, President, and Dean of the Asia School of Business, “With our colleagues at Tsinghua PBCSF, we see this as a pathway to shared leadership, shared knowledge, and shared progress for the region and beyond.”

This collaboration aligns with Malaysia’s growing reputation as a premier destination for international education, particularly among Chinese students seeking an English-speaking academic environment rooted in Asian values and regional relevance. Conversely, Chinese universities, especially world-class institutions like Tsinghua, are attracting rising numbers of Malaysian students and scholars, drawn by the depth of expertise and the scale of industry that China offers.

Professor Jie Jiao, Dean of the Tsinghua University PBC School of Finance affirmed, “We believe this is not only a partnership between institutions, but also a reaffirmation of a broader friendship between peoples. By investing in joint education and leadership development, the future of Asia will be led by those who can think across borders, act with integrity, and collaborate for the greater good.”

The  Founding Chair and Co-Chair of the Asia School of Business, and former Governor of Bank Negara Malaysia, Tan Sri Dr Zeti Akhtar Aziz said, “The common focus of our respective schools in education is to provide foundations that are contextualised to the emerging world so that it will contribute to an increased understanding of its financial and economic functioning in the world so as to cultivate the next generation of stewards and talent that will make a difference in the global economy. The alignment and purpose of our two institutions is to bridge policy, practice and education, in service of the public good.” 

This MoU advances the wider vision of talent development under the Belt and Road Initiative (BRI). As China deepens its engagements across ASEAN, a critical priority has emerged, in cultivating globally competent, locally grounded talent capable of leading projects, stewarding investments, and serving as cultural and economic bridges. With Malaysia’s position at the heart of Southeast Asia and its long-standing economic and educational ties with China, the Asia School of Business is uniquely positioned to become a key contributor to this vision.

Through this collaboration, grounded in trust and shared stewardship, the Asia School of Business and Tsinghua PBCSF aim to develop joint academic programmes, produce co-authored research in key areas such as finance, sustainable development, digital innovation, and public policy, and offer experiential learning opportunities across the region.

In a move that underscores the growing emphasis on cross-border collaboration in higher education, the Asia School of Business (ASB) and the Tsinghua University PBC School of Finance (Tsinghua PBCSF) have formalized a strategic partnership through the signing of a Memorandum of Understanding (MoU). This landmark agreement sets the foundation for long-term cooperation between two of Asia’s most prestigious academic institutions, aiming to enhance regional talent development and foster educational ties across borders.

The MoU represents a shared commitment to leveraging education as a bridge between nations—one that nurtures leadership, promotes mutual understanding, and strengthens prosperity through the exchange of ideas and knowledge. Through this partnership, ASB and Tsinghua PBCSF will collaborate on a range of initiatives, including the development of postgraduate and executive education programs, faculty and research exchanges, joint academic conferences, and cross-border research on globally relevant topics.

“This partnership reflects the values of scholarship and goodwill, where collaboration across borders must become a force for good,” said Distinguished Professor Joseph Cherian, CEO, President, and Dean of the Asia School of Business. “With our colleagues at Tsinghua PBCSF, we see this as a pathway to shared leadership, shared knowledge, and shared progress for the region and beyond.”

The collaboration also aligns with Malaysia’s emergence as a leading hub for international education, particularly for Chinese students seeking an English-language learning environment grounded in Asian cultural values and regional context. At the same time, Malaysia is seeing a growing number of its students drawn to China’s top universities, including Tsinghua, due to their academic rigor and the dynamic scale of China’s economy and industry.

Echoing the sentiment, Professor Jie Jiao, Dean of Tsinghua PBCSF, emphasized the broader significance of the partnership: “We believe this is not only a partnership between institutions, but also a reaffirmation of a broader friendship between peoples. By investing in joint education and leadership development, the future of Asia will be led by those who can think across borders, act with integrity, and collaborate for the greater good.”

Tan Sri Dr Zeti Akhtar Aziz, Founding Chair and Co-Chair of the Asia School of Business and former Governor of Bank Negara Malaysia, highlighted the alignment of both institutions in their mission. “Our shared focus is to deliver education that is contextualized for the emerging world—education that enables a deeper understanding of financial and economic systems, and prepares the next generation of stewards and leaders to make a lasting impact in the global economy,” she said. “This partnership bridges policy, practice, and education in service of the public good.”

The MoU further supports the broader vision of talent development outlined in China’s Belt and Road Initiative (BRI), particularly as China intensifies its engagement with ASEAN. A key priority of the BRI is the cultivation of globally minded, regionally grounded talent capable of leading complex projects, managing investments, and serving as cultural and economic connectors across Asia. Positioned at the crossroads of Southeast Asia and with longstanding economic and educational ties to China, ASB is well-placed to contribute meaningfully to this mission.

Looking ahead, ASB and Tsinghua PBCSF plan to co-develop academic programs, produce joint research in areas such as finance, sustainable development, digital transformation, and public policy, and provide immersive learning experiences throughout the region. The partnership, rooted in mutual trust and a shared vision for stewardship, marks a pivotal step forward in preparing future leaders to thrive in an interconnected, rapidly evolving world.

亚洲商学院与清华大学五道口金融学院（Tsinghua PBCSF）日前签署谅解备忘录，展开一项以教育合作为核心的战略伙伴关系。此次合作旨在推动区域教育整合与人才培育，并透过跨境学术交流，提升亚洲在全球高等教育体系中的影响力。

双方一致认为，教育不仅是国家与社会发展的根本，更是促进国际理解与和平的桥梁。此次签署的备忘录涵盖研究生与高阶管理教育合作、联合课程设计、师资与研究交流，以及针对全球与区域议题的跨国学术计划，将加速高等教育资源的整合与共享。

亚洲商学院首席执行长暨总裁Joseph Cherian教授指出，这份合作代表的不仅是两所学府的共识，更体现学术界对“共享知识、培育领导力”的共同承诺。他强调：“这将是通往教育共融、学术共创的重要一步。”

在国际教育版图中，马来西亚日益展现其作为亚洲教育枢纽的潜力，成为众多中国学生留学的首选。同时，包括清华大学在内的中国顶尖高校，也吸引越来越多马来西亚学生与学者，反映出两国教育交流的日益频繁。

清华五道口金融学院院长焦捷教授指出，联合教育能促进区域知识流动，培养具备全球视野与本土实践力的未来人才。他说：“教育合作是建立人民之间理解与友谊的起点。”

本次合作也与“一带一路”倡议下的人才培育愿景相契合。双方将共同开发聚焦于金融、可持续发展、数码创新与公共政策的学术项目，透过体验式教学和跨文化交流，培育能引领亚洲未来的新一代教育与政策领袖。

此次签约明确双方将围绕研究生及高管教育课程、科系与科研交流、联合学术论坛，以及探讨全球与区域关键议题的跨国研究项目等领域展开合作。

亚洲商学院首席执行长、总裁、院长兼特聘教授Joseph Cherian表示，此次合作不仅彰显学术精神，也体现了亚洲教育界应具备的仁义价值观。“跨境合作应成为推动社会前行的善意力量，这次与清华五道口的携手，是为共同领导力、共享知识与跨越区域迈向世界的实践。”

马来西亚近年来在国际教育领域声誉日增，成为许多中国学生首选留学地。Cherian指出，马来西亚所具备的亚洲价值观与英语教学环境，已吸引不少寻求兼具国际视野与本土关联性的学子。

清华大学五道口金融学院院长焦捷教授亦指出，该合作不仅限于学术范畴，更是两国人民情谊的延伸。他说：“投资教育就是投资未来，我们希望通过共同发展课程与领导力培训，培育能跨越国界、坚守诚信、携手为共同利益努力的人才。”

亚洲商学院创始主席兼联合主席、马来西亚国家银行前行长丹斯里洁蒂博士（Tan Sri Dr Zeti Akhtar Aziz）也指出，双方的教育使命均着眼于培养适应新兴世界发展趋势的金融与经济人才，“这项合作将有效在政策、实践与教育之间架起桥梁，为公共利益服务。”

该合作亦契合“一带一路”倡议下的人才发展战略。在中国与东盟关系日益紧密的当下，具备本土扎根与全球视野兼具的领导型人才需求殷切，而马来西亚凭借其地理优势及长期中马教育合作基础，有望扮演关键角色。